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The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.

Analysis Report: Economic and Business Activity in Fife

Overview

Fife, a dynamic region with diverse economic activities, showcases significant activity in various sectors. With 64,374 employees, it experiences steady growth in employment, particularly in professional, scientific, technical, and construction sectors. The presence of scaleups and new companies indicates a fertile environment for business innovation and growth.

Employment and Business Growth

  • Total Employees: Fife’s workforce stands at 64,374. The region has seen a notable rise in employment, with 356 companies reporting an increase in their workforce. This suggests a robust job market, potentially driven by the region’s diversified economy.
  • Employee Growth Percentage: The employee growth rate is approximately 10.04%, indicative of a healthy, expanding job market.
  • Top Sectors with Employee Growth: The sectors showing significant growth include other manufacturing and engineering, consumer electronics hardware, mobile and wireless hardware, security services, and pharmaceuticals. These sectors reflect the region’s innovative edge and technological advancement.

Sector Dynamics

  • Major Sectors: Key sectors in Fife are diverse, with professional, scientific, and technical activities leading (1,818 companies, 14.2%), followed closely by construction (1,723 companies, 13.45%), and wholesale/retail trade (1,571 companies, 12.27%). This diversity highlights Fife’s economic resilience and adaptability.
  • Scale-ups: The presence of 73 scaleups indicates a robust entrepreneurial ecosystem, supporting the growth of small to medium-sized enterprises into larger operations.
  • Young Companies with Young Directors: A total of 527 companies have young directors, suggesting an entrepreneurial spirit among the younger demographic.

Business Continuity

  • Company Cessations: There have been 1,461 company cessations, a significant number that might indicate market saturation, economic challenges, or the natural lifecycle of businesses in certain sectors.

Gender Representation in Leadership

  • Founders’ Gender: 14.68% of founders are female, while 85.32% are male. This shows a gender gap in entrepreneurial activities in Fife.
  • Directors’ Gender: The gender distribution among directors is more balanced, with 28.43% female and 67.83% male, but still shows room for improvement in gender equality.

Intellectual Property and Innovation

  • Patent Owners: With 166 patent owners, Fife demonstrates a commitment to innovation and technological advancement.
  • Fundraisings: 15 fund-raising events indicate active investment and financial backing in the region’s businesses.

International and External Business Relations

  • Exporters: The presence of 230 exporters underlines the region’s engagement in global trade.
  • Companies with Foreign Parentage: 148 companies have foreign parentage, suggesting Fife’s attractiveness to international investors and its global business connections.

Conclusion

Fife’s economic landscape is characterised by a growing and diverse workforce, a robust mix of traditional and innovative sectors, and an encouraging environment for scale-ups and young entrepreneurs. However, challenges such as gender disparity in leadership and business cessations need addressing. Overall, Fife presents a vibrant economic picture with potential for further growth and innovation.

The information is accurate as of 31 December 2022.
Data courtesy of Beauhurst.